Ageas, a Belgian multinational insurance company, signed a share purchase agreement on 23 February 2021 with British insurance group Aviva to acquire its 40% stake in AvivaSA, the fifth largest life insurance company and the leading private pension provider in Turkey, which is listed on Borsa Istanbul, for a total consideration of approximately GBP 122 million. Sabancı will retain its 40% stake in the company, which will allow the two long-time partners in the general insurance business to extend their collaboration to the life and pension business. The transaction is expected to close in 2021, subject to regulatory approvals.
Paksoy is pleased to announce that a team led by Stéphanie Beghe Sönmez (partner, M&A), Omer Collak (partner, Capital Markets), Nazlı Bezirci (partner, M&A), Sansal Erbacioglu (partner, tax and fiscal services) and Ökkeş Şahan (counsel, Capital Markets) advised Ageas on this transaction.
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